August 2015

The Conservative Party of Canada has made two more pre-election pledges aimed at home buyers, one of them promising that if elected, the federal government would raise the maximum permitted amount taken from an RRSP to put as a down payment on a first home.

Currently the Home Buyer’s Plan allows first-time buyers to take up to $25,000 out of their RRSP to put down on the purchase or construction of their first house, as long as it is repaid. This maximum would be increased to $35,000 under a newly elected Conservative government.

“For many Canadians, owning a home is their most important investment and the achievement of a key life goal,” said Prime Minister Stephen Harper. “We want to help more Canadian families purchase their first dream home.